I had a reader send in an email a few weeks ago looking for some specific financial planning advice. We actually chatted on the phone and we decided that perhaps she might want to consider working with a financial planner that works by the hour. As such, here are a few resources that one might refer to for help in finding a fee-only financial planner in Canada:
Duncan Hood from Canadian Business magazine has seven pages of fee-only financial planners listed in the article, Where to find a fee-only financial planner.
IAFP – The Institute of Advanced Financial Planners – administers the RFP designation (which is much more difficult to earn and maintain than a CFP designation) and they have a fantastic resource on their website that allows you to search for an RFP in your area based on various criteria.
DISCLAIMER: I do not personally vouch for any planner listed on either resource, do your own due diligence when selecting a financial advisor.
And here’s another that didn’t make Duncan’s list
MoneyPower Group at Raymond James
4263 Sherwoodtowne Blvd Ste 200
Mississauga, On L4Z 1Y5
email: janderson@raymondjames.ca
• hourly fee: $150 – $250 per hour, depending on complexity
• licensed to sell investment products
• percentage of assets under management:
• 1.25% of first 250,000
• 1% under $1 million
• 0.75% of next $2 million
• 0.50% of excess
areas served: Ontario, Manitoba, Alberta, BC
planner credentials: B.Comm (Hons), CFP
areas of specialization: comprehensive financial planning, retirement planning, tax planning, special services for those who have received sudden wealth (lottery winnings, inheritances, insurance settlements)and for people in transition (retiring, starting or losing a job, recently widowed, separated or divorced) and financial planning for business owners
Preet,
Can you tell me how financial planners are ‘educated?’ Is there a specific course of studies? Is there a list of topics they must master?
Do you know if there is any training in derivatives, including stock options?
Do you think it’s different in the US?
Thanks and keep up the good work.
Mark
@ Mark Wolfinger – that sounds like a good blog topic – to go with the one I was planning on your question about why advisors don’t use options more ubiquitously… stay tuned. You probably know the answers already, but I’ll write about it in a bit of detail in the next week or so…
My company (ClaroConnect.com) matches individuals to financial planners in the U.S. We have a directory of specialized financial advisors so you can find the perfect planner for your needs, whether you are a small business owner, socially responsible investor, retiree, or just getting started. You can sort advisors on the website by several criteria, including fee-only advisors.
If the company sells financial products (any kind) they are by definition biased. They will earn money from the cleint on the products they sell.
Fee Only means they charge a fee to give objective, unbiased advice on your portfolio.
You need to learn the market in order to become a financial advisor.